SPY- Finding a Bounce?
We are taking a minute to ONLY look at the RSI
HM, a picture is worth a thousand words.
We see that the RSI has had a very prominent horizontal area that has been supported for a long time. We have clearly broken that on the RSI support. Any other time in history that these supports were broken they were an early indication of a bear market crash to follow. But we already know that. I want to draw your attention to the green circles on the RSI. There is another slight support in the RSI in the 40 area as the last two crashes initially found support in this same area which produced some sort of bounce and subsequent rollover and deep dive to really crash the markets. This would allow the media to blast more headlines like, "the market is recovering" Or "Biggest gains in one day since 1900" or similar cockamamy bull*** ..which drive fear of missing out emotions in non-technically adept investors/401k holders. As usual, the little guy will make the intitutions richer as they and thier bots heavily short some sort of fib retracement/Moving average resistance lines as price floats up on small volume.
Graph- is In LOG scale.
White lines from the LOG Scaled Chart
Yellow dotted from the LINEAR Scaled Chart.
HM, a picture is worth a thousand words.
We see that the RSI has had a very prominent horizontal area that has been supported for a long time. We have clearly broken that on the RSI support. Any other time in history that these supports were broken they were an early indication of a bear market crash to follow. But we already know that. I want to draw your attention to the green circles on the RSI. There is another slight support in the RSI in the 40 area as the last two crashes initially found support in this same area which produced some sort of bounce and subsequent rollover and deep dive to really crash the markets. This would allow the media to blast more headlines like, "the market is recovering" Or "Biggest gains in one day since 1900" or similar cockamamy bull*** ..which drive fear of missing out emotions in non-technically adept investors/401k holders. As usual, the little guy will make the intitutions richer as they and thier bots heavily short some sort of fib retracement/Moving average resistance lines as price floats up on small volume.
Graph- is In LOG scale.
White lines from the LOG Scaled Chart
Yellow dotted from the LINEAR Scaled Chart.
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